公司治理、多元化战略对企业价值的影响——基于零售业上市公司的实证分析

发布时间：2018-03-29 14:17

本文选题：零售业　切入点：公司治理　出处：《现代财经(天津财经大学学报)》2017年05期

【摘要】：利用我国2007-2015年44家零售业上市公司面板数据,基于随机效应模型及2SLS法从公司治理及多元化战略两大方面探究对企业价值的影响。研究结果表明,股权集中度与企业价值呈现倒U型的非线性关系,股东对企业的绝对控制则会明显产生负面影响;董事会规模与企业价值负相关但不明显,但加大独立董事数量比例则可以通过外部监管和决策显著有利于价值的提升。从内生性视角下的经营战略来看,企业过度追求多元化会显著对价值产生不利影响。进一步分析表明多元化和股权集中度存在明显的互补关系,仅试图通过高集权的方式来降低多元化经营带给企业价值的负面影响,反而可能会产生更不利的结果。作为对策,零售企业应重视外部治理优势,在保持适度集权和控制力下结合自身情况合理进行多元化,同时还提出国有资本逐步退出转而参股民营企业的改革方向。
[Abstract]:Based on the panel data of 44 listed retail companies in China from 2007 to 2015, this paper explores the impact on corporate value from two aspects of corporate governance and diversification strategy based on stochastic effect model and 2SLS method. The relationship between ownership concentration degree and enterprise value is inversely U-shaped, and the absolute control of the enterprise by shareholders has obvious negative effects, while the size of the board of directors is negatively correlated with the enterprise value, but is not obvious. However, increasing the proportion of independent directors can be significantly beneficial to the promotion of value through external supervision and decision-making. The excessive pursuit of diversification will have a significant negative impact on the value. Further analysis shows that diversification and equity concentration have obvious complementary relationship. Only trying to reduce the negative impact of diversification on enterprise value by means of high centralization may produce more adverse results. As a countermeasure, retail enterprises should attach importance to the advantages of external governance. Under the condition of keeping moderate centralization and controlling power, we should carry out reasonable diversification according to our own situation. At the same time, we also put forward the reform direction of the state-owned capital withdrawing gradually and taking part in the private enterprises.
【作者单位】：福建工程学院管理学院;上海立信会计金融学院金融学院;
【基金】：福建省社会科学基金青年项目(2014C118) 福建省教育厅社会科学基金项目(JBS14119)
【分类号】：F275;F271;F272

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